Market Leader - Industrial Lubricants Market
In terms of value, the industrial lubricants market is estimated to grow from USD 63.9 billion in 2024 to USD 74.3 billion by 2029, at a CAGR of 3.1%. Industrial lubricants market have grown as the demand from food processing end-use industry, and rising industrial growth in the Middle East & Africa and Asia Pacific region. These factors drive the lubricants lubricants market.
The key players profiled in the report include Shell plc (UK), Exxon Mobil Corporation (US), BP p.l.c. (UK), Chevron Corporation (US), TotalEnergies SE (France), PetroChina Company Limited (China), ENEOS Holdings, Inc. (Japan), China Petroleum & Chemical Corporation (China), Idemitsu Kosan Co., Ltd. (Japan), and others. The industrial lubricants market has witnessed insignificant growth in the past few years; government regulations and changing lifestyle drive the growth of this market. Market players are introducing new technologies, acquisitions, collaborations and features to acquire larger market shares.
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Shell plc is one of the world’s largest oil & gas companies. It operates its operations with their five business segments, namely, integrated gas, renewables & energy solutions, marketing, chemical & products, and upstream. The company offers its lubricants for a wide range of end-use industries including construction, power generation, food processing, cement manufacturing and others. It operates with 6 base oil storage hubs, 10 grease plants, 32 blending plants, and 4 base oil manufacturing plants. It has strong presence in European, North American, South American, the Middle East & Africa, and Asia Pacific region. In January 2024, shell plc acquired the MIDEL and MIVOLT, from M&I Materials Ltd. This acquisition enabled the company to complement its position in transformer oils.
Exxon Mobil Corporation is a global specialty oil & gas company and also one of the largest companies in standings of revenue generation. The company is a global leader for synthetic oil technology and markets its lubricants products globally with brands such as Exxon, Mobil, and Esso. It has strong presence globally in more than 160 countries. It operated with three business segments, product solutions, upstream, and corporate & financing. The company owns 6 base stock refineries and 21 blending plants in 25 countries which are present in almost all regions. In February 2024, the company planned to launch new test laboratory in Singapore for Mobil Serv lubricant analysis.
Related Reports:
Industrial Lubricants Market by Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Product Type (Hydraulic Fluid, Metalworking Fluid, Grease), End-use Industry (Construction, Power Generation, Food Processing), Region - Global Forecast to 2029
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